New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1887-03-21
blood sucker upon the first. The whole mo-
tive atmosphere and objects OF Senator Trap
hagcn's bill are had.
MONEY AND BUSINESS

If no news is good news, business ought to
he stimulated beyond measure. But to per
sons who have been filed with hopes Of great
improvement and have bought all the prod
ucts or securities they could carry, expecting
a quick boom and large profits, the state OF
things is undeniably tedious. For the last six
weeks the stock market has closed so nearly
where il began that nobody could have got
bare interest out of it, to say nothing of
brokerage. if he had held all the stocks in the
Street. The average price Of sixty active
stocks at the close last Saturday was $67 So !;
the previous Saturday it was $67 81; March
it was $67 GS; February 26 1t was $67 81 !;
February 10 IL was $67 So; and February -
it was $67 81. Such remarkable absence OF
change after so long a time is not natural, and
makes one think of water-loggcd ship. not
sinking, but certainly not going. Wheat and
corn during the same period have advanced just
far enough to make innocence ready TO buy,
and then settled back again, closing not a
quarter of cent from the prices OF February
5. Coffee. sugar and oil have served their
dcvotces the same way pork products have
made n decided advance, and cotton has gained
half a cent, while iron and steel prices, NOM
inaly little changed, arc really weaker than
they were six weeks ago.
These things have come to pass in spite Of
many influences calculated to advance prices.
Congress has adjourned, having done far less
mischief than many feared Money has been
in fair supply, and dangers of shingency have
so far passed that no one now fears a pinch
this spring, unless it be artifcially produced.
The Treasury has contIived TO put Out $1,000
900 silver certificates in the six weeks, in
place Of $1,000. 900 Of gold certificates taken
in. War rumors are now attributed TO Bis
marcks ccctioneering needs, and disturbances
in foreign money markets have vanished.
Labor troubles that seemed likely to involve
great industries have practically disappeared.
Exports OF great staples have been unusually
large. and the railroads have reported gains in
gross earnings Of 8 IL per cent for February.
S per cent for the first week Of March, and
3 IL per cent on the few roads heard. from for
the second week. Important railway rcorgan-
zations have been effected, and others of even
grcaO importance are generally believed to
lie close at hand In spite Of all these things
the spectators Paradise is just over the next
bill, precisely as it was six weeks ago.
and in many branches Of trade great activity
has been seem with raging fever Of spccula-
ton in real estate and mining property in some
sections. Every gladstone item Of intelligence
has been hcraldcd all over the land. and the
spirit everywhere prevailing has been ore of
singular confidence. Iron furnaces Of greater
capacity than were ever in blast together at
any previous time have been put into opera
ton. and in view Of that fact the dulncss and
tendency 10 relapse in prices arc not suTpris-
ing Slackcned salcs OF woollcn goods have
depressed the price OF wool in spite Of the
foreign advance With cotton rising print
cloths yielded little in price last week. and
arc lower than six weeks ago. As other cir
cunstanccs seem to favor letter prices 1t may
10 reasonably inferred that the interstate
Commerce bill exercises some depressing in
ilucncc.
Last weeks exports were large and for two
weeks Of March 81 per cent larger than last
years. Imports for three weeks OF March
arc but 75 per cent larger than last years.
Little change occurred in the bank circulation
last week, and the Treasury took in $1,000, 900
gold putting out S2,1OO.OOO silver and
81 800 900 legal tenders in excess of receipts.
According TO reports OF 4" The Financial Chron-
iclc." 81. 100000 was sent last week 10y banks
70 tho interior exceeding the aggregate paid
out hy tho Treasury in excess OF receipts. so
that the loss OF reserve is not surprising. The
notcv ortby feature Is that unusual collections
from the Treasury through Ncw-lorl bank
do not help them, the money not being left
here. but the whole Of il and moro besides
being sent 10 the interior. Money here is not
SO plenty as TO he dcSpsc1; to G per cent
is paid 10y large houses for two to four months
loans. of which many are being made. EX-
hIngcs still show n large increase in
clcarings outside Of Ncw-Y York. but this again
is the less reliable as an indication Of the vol
umc Of business because it so greatly exceeds
tllc recorded increase in quantities of products
moving or in tonnage transported, and must
therefore bc largely due to speculative excite
mcnt. The number Of failures continues over
200 weekly with rather frequent cases of large
liabilities.